This will be the future site of Google.org the philanthropic arm of Google. We are currently working on staffing as well as defining the goals, priorities, and principles of Google.org. We hope to have a lot more to share with you on this front in the coming year. Check back here for updates.
Sounds like this will be the new home for the Google Foundation that's been in the works since last year. An executive director is still being sought for that, and some background on the foundation is here from News.com: Google readies charitable foundation.